Acting as listing broker representing the seller, I recently competed three separate apartment building transitions in the South Shore neighborhood of Chicago selling for a combined total of $1,077,000.
The anticipation of the coming Obama Presidential Center and the proposed multimillion-dollar Tiger Woods Golf Course in Jackson Park have been a considerable driving force attracting new investors into the South Shore community. Additionally, the new federal opportunity zone program has increased demand in the community by offering private investors tax incentives when investing within the designated boundaries.
7748 S Colfax Ave, Chicago, IL 60649:
This building traded for $86,667/unit. The sale price I was able to achieve as a listing agent was over 20% higher per unit than the highest sale price per unit achieved in the area over the prior two years.
7736 S Kingston Ave, Chicago, IL 60649:
Six extra-large 1,600 SF units sold in this building in the South Shore neighborhood of Chicago. The property was 100% occupied at the time of sale. The buyer was an out of state investor attracted to the Chicago market by the strong cash flow potential.
7740 S Essex Ave, Chicago, IL 60649:
This building contains six extra-large 1,600 SF units that were in need of gut rehab at the time of sale.
Considering selling your real estate holdings? Contact me for a free valuation report for your Chicago commercial or investment property.
Steven Rapoport, CCIM | Chicago Real Estate Resources | Cell: 847-863-2707 | Email: stevenr@crer.com
